"WASHINGTON IMPOSES ITS AUTHORITY ON IRAQI OIL REVENUES", 15 AUGUST

 Economist: Washington Imposes Its Authority On Iraqi Oil Revenues

Information / Baghdad...Economic affairs researcher Muhammad Al-Saadi explained, on Tuesday, the extent to which it is possible to obtain oil revenues from importing countries directly without placing these funds with the US Federal Bank.

Al-Saadi told Al-Maalouma that "China, India and other Asian countries import Iraqi oil in large quantities, but Iraq receives revenues through the US Federal Bank, which makes Washington an authority over those revenues."

He added, "The dollar, as an American currency that is prohibited in some countries, Iraq can benefit from such a procedure by selling oil in exchange for goods, goods, and raw materials needed by the Iraqi industry, or introducing companies from those countries and engaging them in the field of construction, construction, and project implementation."

And he indicated that "the continuation of selling oil in exchange for obtaining dollars may not be a good idea, as it is possible to obtain projects, goods and goods instead of oil revenues in dollar currency."

He pointed out that "Iraq has large reserves of hard currency with the US Federal Bank." LINK

Parliament Excludes The Passage Of The Oil And Gas Law Because Of Its Preoccupation With The General Amnesty

Economy   2023/08/15 Number of readings: 174 Baghdad-Iraq today:  The Parliamentary Legal Committee ruled out passing the oil and gas law in the current legislative term of the House of Representatives, while confirming the current preoccupation of the political blocs and parliamentary committees with the amnesty law.

A member of the Legal Committee, Omid Muhammad, said in a press interview, "The oil and gas law is one of the topics that were voted on in the ministerial curriculum of the Prime Minister, Muhammad al-Sudani."

Muhammad added, "There is a political agreement between the political blocs to pass the law during this session, and today we notice the start of work on forming specialized committees regarding the law, and writing the draft is evidence that there is a serious intention by the government and parliamentary blocs within the Iraqi parliament to legislate the law.”

He pointed out that "accelerating the legislation makes the results negative," stressing that "the committee supports the legislation of the law, but with good formulation and accuracy by the specialized committees, because the file of the region and Baghdad is a small part of the problems within this draft law.”

Economists: Solving The Dollar Crisis Needs Long-Term Solutions 

Written By: Social Baghdad  08-14-2023  Economists considered that controlling dollar prices requires time and long-term solutions due to the complete paralysis of the productive sector in Iraq.

Experts explained that the agricultural and industrial productive sector in Iraq is completely suspended, and that Iraq remains dependent on imports will drain the dollar from the Iraqi markets, and the neighboring countries are the biggest winners, in addition to the difficulty of controlling smuggling and speculation mafias by the competent authorities, ruling out the return of the dollar to normal exchange rates quickly – In light of the economic data, it is worth noting that there is a contradiction between government statements, with the assumptions of economists, that the exchange rate of the dollar should stabilize at its current rates in the parallel market.  LINK